Hong Kong shares seen extending weekly gains after Fed action

Source :

Last Updated: Fri, Sep 14, 2012 18:33 hrs

HONG KONG, Sept 14 (Reuters) - Hong Kong shares are seen
extending gains on the week on Friday after the U.S. Federal
Reserve announced an aggressive new stimulus intended to drive
job creation in the U.S. economy.

On Thursday, the Hang Seng Index ended a choppy
session down 0.1 percent to 20,047.6. It is up 1.2 percent this
week.

Elsewhere in Asia, Japan's Nikkei was up 1.4
percent, while South Korea's KOSPI was up 2.2 percent at
0058 GMT.

FACTORS TO WATCH:

* Executives from China's top makers of telecommunications
gear denied putting hidden spy code into their equipment at a
rare public hearing of the U.S. House of Representatives
Intelligence Committee on Thursday. The officials from Huawei
Technologies Co Ltd and ZTE Corp ,
rejecting fears that their expansion in the United States poses
a security risk, said they operated independently of the Chinese
government.

* Russia's RUSAL, the world's largest producer of
primary aluminium, could offer floating premiums in term supply
contracts it negotiates with consumers for 2013, with both sides
reluctant to set long-term deals as spot market premiums reach
record highs.

* EU regulators object to Hutchison 3G's agreed 1.3 billion
euro ($1.7 billion) takeover of France Telecom's Orange
Austria and will carry out a full probe, Hutchison said on
Thursday, in a move likely to force more concessions to win
approval. Hutchison 3G is Austria's third-largest mobile
operator and a unit of Hutchison Whampoa.

* Cathay Pacific Airways Ltd said on Thursday its
August freight traffic fell 6.9 percent from a year earlier on
low demand in the traditionally weak month. Passenger numbers in
August rose 4.0 percent.

* HSBC's Head of UK Bank Joe Garner will
step down from the role at the end of October after less than
two years in the job and be succeeded by the British lender's
European retail banking and wealth management chief, Antonio
Simoes.

* China Eastern Airlines Corp Ltd said it
has completed the issuance of 4 billion yuan super short-term
commercial paper with a maturity of 270 days and interest rate
of 4.1 percent. It is the first tranche of a total 10 billion
yuan super short-term commercial paper to be issued in 2012 .
For statement, http://www.hkexnews.hk/listedco/listconews/sehk/2012/0913/LTN20120913784.pdf